It has only been around since May, 2015, but on Wednesday life insurance provider Haven Life announced it’s expanded into every state except California and Montana.
Haven Life operates exclusively online and says it only takes 20 minutes to purchase a term life insurance policy.
The company was the first to offer the sector’s products in a purely digital format and did so in response to what Haven Life co-founder and CEO Yaron Ben-Zvi called an unbelievable lack of options online.
“Once a potential customer submits an application, they receive an immediate decision, and if approved, can start coverage that day. No more waiting several weeks for a decision,” Ben-Zvi said. “In addition to a more streamlined and user-friendly buying experience, we offer a variety of free, no-contact-information-required tools for educating yourself on coverage needs.”
Backed by Mass Mutual, Haven Life added Connecticut, Delaware, North Dakota, South Dakota, Washington, D.C., and Florida in its most-recent expansion.
“Because we created our own policy - the Haven Life Term policy - we had to get approval from regulators on a state-by-state basis, which was much more time consuming than our team thought it would be,” Ben-Zvi said. “Since our launch, we’ve been gradually expanding to new states. Finally, as of today, we’re proud to be in all but two.”
Interestingly, the biggest insurtech launch in 2017 occurred in California this week with online-only and mobile friendly Ladder making waves.
“We would love to be live in California and are working toward it,” Ben-Zvi said. “Along with New York, California is one of the toughest states to get regulatory approval in. Since our team is based in New York, we decided to focus our efforts on approval here first.”
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